Latest news with #PWP
The Star
6 days ago
- Business
- The Star
Lend SMEs a hand, govt urged
Groups: Incentives among ways to help them manage minimum wage hike impact PETALING JAYA: While implementing the RM1,700 monthly minimum wage order is a commendable move by the government, experts and business groups are concerned whether the higher cost will be passed down to consumers. They also said the government should assist struggling small and medium enterprises (SMEs) to cope with the minimum wage order, which takes effect on Aug 1. Economist Dr Yeah Kim Leng said SMEs that are generating adequate revenue should be able to shoulder the wage increase, though some breathing space should be provided to industries to help them cope temporarily amid global uncertainties due to geopolitical conflicts. 'To retain productive workers, most enterprises are already paying above the minimum wage. 'For firms and businesses with a large workforce, the cost impact will be material and we may see the higher wage cost passed on to consumers,' said Yeah, who also argued that promoting Progressive Wage Policy (PWP) when companies are grappling with all-round cost increases is academic at this point. The ultimate goal, he said, is to achieve the desired virtuous circle of high wage income leading to high consumption, creating in return demand for products and services provided by enterprises. 'Continuous engagement with industry players is crucial to ensure systemic negative effects are addressed quickly with targeted support and measures as well as safeguards against creating market distortions and dependencies,' he said. Malay Businessmen and Industrialists Association of Malaysia president Mohd Azamanizam Baharon said the minimum wage policy could boost living standards and economic growth. 'However, many micro and small businesses remain burdened by rising utility costs, raw material prices and ongoing economic uncertainties. 'To help MSMEs adapt, Perdasama calls on the government to provide targeted incentives, accessible financing, automation and digitisation support, and enhanced supply chain development,' he said. Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) secretary-general Datuk Jeffery Tan said the government should assist businesses to cope with the increase in labour cost. 'In big cities, hiring local staff at the minimum wage is difficult. 'However, in states with more rural areas, this will definitely impact the cost of living. 'This is why ACCCIM had always asked that the government localise the minimum wage based on location. If we keep increasing the minimum wage while productivity lags behind, it will affect our competitiveness,' he said. Tan hopes the government will provide more automation and digital grants to assist SMEs to further automate and digitalise. 'Thirdly, we also hope the government will postpone the implementation of the 2% EPF contribution for foreign workers, the petrol subsidy rationalisation, and the foreign worker multi-tier system,' said Tan, who is also president of the Klang Chinese Chamber of Commerce and Industry. SME Association president Chin Chee Seong echoed similar sentiments, saying that the slew of cost increases will pose as a challenge to businesses. 'With the SST, there is an increase in cost, on top of the increase in electricity tariffs. I do not foresee businesses being able to implement progressive wages in such a climate,' said Chin. Federation of Chinese Associations Sarawak president Datuk Richard Wee said it is possible that many SMEs and micro businesses will shut down with the full enforcement of the new minimum wage. 'As for the expansion of SST, it will definitely affect businesses as a whole as it will have a cascading impact, given that products and the supply chain are closely connected to each other to the extent that even if the product may be exempted, the services related to the supply of the product are still subject to SST. 'The government should get over political considerations and re-implement GST as most countries have GST, which is considered a more efficient and progressive tax system,' said Wee. Industries Unite MCO2.0 group coordinator Datuk Irwin Cheong said the government should relook at the different segments of industry rather than sweeping across the board as workforce in multinational firms are bigger than those in small enterprises. 'Wages should be based on the agreed upon measurements, improvement benefits, different level compensation plans, and may also outperform the basic minimum wage option. 'One of the larger block of smaller enterprises may have to fork out an even higher increment into their overall cost and expenses as they too hire local workers, TVET graduates and school leavers,' said Cheong. On July 22, the Human Resources Ministry announced that the Minimum Wage Order will take effect Aug 1 for all employers regardless of the number of their employees. The ministry said the new rate announced in Budget 2025 has been in force since Feb 1 for employers with five or more employees, as well as for those conducting professional activities classified under the Malaysia Standard Classification of Occupations 2020.
Yahoo
22-07-2025
- Business
- Yahoo
Perella Weinberg to Announce Second Quarter 2025 Financial Results and to Host Conference Call on August 1, 2025
NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) -- Perella Weinberg Partners (NASDAQ:PWP), a leading global independent advisory firm, today announced that it plans to release its financial results for the second quarter 2025 on Friday, August 1, 2025, before the market opens. Conference Call and Webcast Management will host a conference call and webcast to review Perella Weinberg's results on the same day at 9:00AM ET. A webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Investors section of the Company's website at The conference call can also be accessed by the following dial-in information: Domestic: (800) 267-6316 International: (203) 518-9783 Conference ID: PWPQ225 Replay A replay of the call will also be available two hours after the live call through August 8, 2025. To access the replay, dial (800) 723-0532 (Domestic) or (402) 220-2655 (International). The replay can also be accessed on the Investors section of the Company's website at About Perella Weinberg Perella Weinberg is a leading global independent advisory firm, providing strategic and financial advice to a broad client base, including corporations, financial sponsors, governments, and sovereign wealth funds. The Firm offers a wide range of advisory services to clients in some of the most active industry sectors and global markets. With approximately 700 employees, Perella Weinberg currently maintains offices in New York, London, Houston, Los Angeles, San Francisco, Paris, Chicago, Munich, Denver, and Calgary. Contacts For Perella Weinberg Investor Relations: investors@ Perella Weinberg Media: media@ produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Sinar Daily
22-07-2025
- Business
- Sinar Daily
RM1,700 minimum wage order to be fully enforced on Aug 1
Kesuma announced that the order will apply to employers nationwide, regardless of the number of employees hired, following the end of the six-month deferment period on July 31. 22 Jul 2025 03:13pm Photo illustrated by Sinar Daily Effective Aug 1, 2025, without exception, all employers, including those who previously benefited from the deferment period, must comply with the RM1,700 monthly minimum wage order. Photo by Bernama PUTRAJAYA - The 2024 Minimum Wage Order of RM1,700 will come into full effect from Aug 1, according to the Ministry of Human Resources (KESUMA). In today's statement, KESUMA announced that the order will apply to employers nationwide, regardless of the number of employees hired, following the end of the six-month deferment period on July 31. "Effective Aug 1, 2025, without exception, all employers, including those who previously benefited from the deferment period, must comply with the RM1,700 monthly minimum wage order. "This includes non-citizen employees and contract apprentices, but does not apply to domestic workers,' read the statement. The ministry reminded employers to review their company's wage structure to ensure no employee receives a basic salary below the stipulated minimum rate, and to progressively adjust operations by focusing on productivity enhancement and employee skills training. KESUMA also warned that failure to comply with the order is an offence under the National Wages Consultative Council Act 2011, which carries a fine of up to RM10,000 for each affected employee, with an additional penalty of RM1,000 for each day the offence continues after conviction. For repeat offences, the maximum penalty may reach RM20,000 or imprisonment for up to five years. The ministry also encouraged employers to adopt the voluntary progressive wage policy (PWP) that serves to complement the implementation of the minimum wage order. "Through the PWP, employers have the opportunity to raise employees' incomes based on productivity, skills, and work contributions, while also benefiting from targeted cash incentives provided by the government. "This not only helps companies retain highly skilled workers but also strengthens long-term competitiveness in an increasingly challenging labour market,' it added. Complaints regarding the implementation of the Minimum Wage Order can be submitted to the Department of Labour nationwide or via KESUMA's official website. Further information on the minimum wage order and the PWP can be obtained at and respectively. - BERNAMA More Like This
The Sun
22-07-2025
- Business
- The Sun
RM1,700 minimum wage order enforced nationwide from Aug 1
PUTRAJAYA: The Ministry of Human Resources (KESUMA) has confirmed that the RM1,700 minimum wage order will be fully enforced nationwide starting Aug 1, 2025. This follows the end of a six-month deferment period granted to certain employers. In a statement issued today, KESUMA clarified that the order applies to all employers, regardless of company size, and includes non-citizen employees and contract apprentices. However, domestic workers remain exempt. 'Effective Aug 1, 2025, without exception, all employers, including those who previously benefited from the deferment period, must comply with the RM1,700 monthly minimum wage order,' the ministry stated. Employers failing to comply face penalties under the National Wages Consultative Council Act 2011, including fines of up to RM10,000 per affected worker. Repeat offenders may be fined up to RM20,000 or face imprisonment for up to five years. KESUMA also urged businesses to adopt the voluntary Progressive Wage Policy (PWP), which links salary increments to productivity and skills. 'Through the PWP, employers have the opportunity to raise employees' incomes based on productivity, skills, and work contributions, while also benefiting from targeted cash incentives provided by the government,' the statement added. Workers or employers seeking clarification can lodge complaints with the Department of Labour or visit KESUMA's official websites for details on the minimum wage and PWP. - Bernama
Malaysian Reserve
22-07-2025
- Business
- Malaysian Reserve
KESUMA: RM1,700 minimum wage order to be fully enforced on Aug 1
PUTRAJAYA — The 2024 Minimum Wage Order of RM1,700 will come into full effect from Aug 1, according to the Ministry of Human Resources (KESUMA). In today's statement, KESUMA announced that the order will apply to employers nationwide, regardless of the number of employees hired, following the end of the six-month deferment period on July 31. 'Effective Aug 1, 2025, without exception, all employers, including those who previously benefited from the deferment period, must comply with the RM1,700 monthly minimum wage order. 'This includes non-citizen employees and contract apprentices, but does not apply to domestic workers,' read the statement. The ministry reminded employers to review their company's wage structure to ensure no employee receives a basic salary below the stipulated minimum rate, and to progressively adjust operations by focusing on productivity enhancement and employee skills training. KESUMA also warned that failure to comply with the order is an offence under the National Wages Consultative Council Act 2011, which carries a fine of up to RM10,000 for each affected employee, with an additional penalty of RM1,000 for each day the offence continues after conviction. For repeat offences, the maximum penalty may reach RM20,000 or imprisonment for up to five years. The ministry also encouraged employers to adopt the voluntary progressive wage policy (PWP) that serves to complement the implementation of the minimum wage order. 'Through the PWP, employers have the opportunity to raise employees' incomes based on productivity, skills, and work contributions, while also benefiting from targeted cash incentives provided by the government. 'This not only helps companies retain highly skilled workers but also strengthens long-term competitiveness in an increasingly challenging labour market,' it added. Complaints regarding the implementation of the Minimum Wage Order can be submitted to the Department of Labour nationwide or via KESUMA's official website. Further information on the minimum wage order and the PWP can be obtained at and respectively. — BERNAMA
